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High Street

Mulberry swings to £5m loss in 2018

Handbag retailer Mulberry has reported losses before tax of £5m for the year ending 30 March 2019.

Revenue decreased by £3.4m to £166.3m during the year, and the retailer said the disruption from the House of Fraser administration “materially affected” the group’s UK performance.

Despite this, Mulberry saw revenues increase by 7% internationally, and digital sales increased by 27% during the period, representing 22% of group revenue.

CEO Thierry Andretta said: “The group has delivered results in line with expectations and is making good progress in advancing its International strategy and direct to customer model whilst managing a challenging UK market.

“We have established new subsidiaries in Japan and South Korea and introduced important digital partnerships in China. International and omni-channel sales, driven by our customer centric focus, are increasing as a result.”

She added: “Looking ahead, we anticipate that International and digital sales will continue to grow whilst UK retail trading conditions are expected to remain uncertain. The group plans to invest further in its new Asian entities during this development phase, enhance its global digital platform and optimise the UK network.”

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